the country. the airline says it got computers back up. we will bring you the latest. connell: the president has been on the move but fiscal cliff negotiations are not. peter schiff is here to tell us why going over the cliff could be a good thing. dagen: the defense secretary ordering an ethics review for military officers. general david petraeus prepares to testify about benghazi in front of congress. connell: the founder of five our energy will answer questions about this report that his product may be linked to 13 deaths. and lead mcgraw on the oil market reaction to attacks in bas and the david petraeus scandal in charlie gasparino on the white house c e o meetings. dagen: so much to get to. after that computer glitch grounded its planes nationwide united airlines saying it is up and running. nicole petallides on the floor

of the stock exchange. what is normal about the stock reaction? nicole: very normal stock reaction. this is a stock that started with the arrows and traded as low as 1960 interday and coming back and had a high of 2018 and all the rest of the airline stocks i have been checking, delta, up arrows, and continental under pressure today. below the 1960 we are at 1976 and it is not far off of the low, and a nationwide glitch, it is not great news and we are hearing their returning to normal all of this occurring for weeks before thanksgiving, the busiest time, and this is the third time since june that united continental has had computer issues. dagen: thank you. 46 days and counting until the fiscal cliff is upon us but our

next guest says going over that cliff, he gives a thumbs-up. peter schiff is the euro pacific capital ceo and global strategist. why would you think that? >> we need a bigger cliff. this one is too small. there is not enough spending cuts. the spending cuts are trivial and not really cuts, reductions in the rate of increase. i don't want to trivialize the size of the tax hikes. they are big and will hurt but they need to be big and need to be bigger because we have enormous government, we're spending a fortune and if we wanted huge government, if we want all this free stuff provided to so many people it costs money and you cannot get that money just from the rich. you got to get it from the middle-class and working for. if president obama wants all this government it has to be paid for and it can't be paid for by rich people. you can't increase taxes on everybody. dagen: you would let all of the

bush era tax cuts expire? >> if we are going to spend all this money then yes. taxes are less damaging to the economy than the deficits that replace them but the real problem is spending. the reason taxes have to go up is the government is spending so much money so if your taxes go up in your upset then stop voting -- [talking over each other] dagen: so much spending is built in to our future. medicare for example is 13.5% of government spending as it is. are we destined for much higher taxes? forget high tax rates close to 40%, let's start talking about 60% because we are never going to cut the government spending because we have become addicted to it. >> we are going to pay the tax one way or another either legitimately or we are going to pay through inflation because they're not going to and the integrity to raise taxes, they

will crank up the printing presses and take our purchasing power, not our money so prices will go through the roof and the increase in the price of everything you have to buy will be another tax in disguise. we need to cut medicare and social security, not in the future, we need to cut the checks people are getting right now because we don't have the money and the only way we can pay -- [talking over each other] >> the very people nobody wants to tax. dagen: long-term interest rates close to 1.5%. it is not going to happen, not now. >> they are only down now. what happens when they're 10%? what happens when they're 15%? how long can the fed keep interest rates artificially low when they have to print money to do it? if you keep destroying the value of money and creating inflation rates are going to have to go up. in the meantime the low interest rates are destroying the economy. we need higher interest rates. we are never going to have a real recovery until we have higher interest rates but the

politicians and bankers haven't figured that out so they keep pouring gas on a fire expecting the fire to go out but it keeps getting bigger. dagen: good to see you. always on fire. connell: back to the breaking news united airlines is up and running after the computer glitch stranded a number of passengers and flight around the country. on the phone with us is tom parsons, ceo of taxpayers'.com. we are getting back but not the way you want to be in the news the week before thanksgiving. >> that is true. i don't care if it is united, american, delta or whoever it is, the dependence has been computers and glitches. united when they converge from continental to united or united continental they have had problems over a year, backwards and forwards and this could be able glitch, somebody put a code in wrong and took the system down. alaska airlines if you go a

month ago they had the same thing but there's is a lot worse. that was a telephone cut. and thousands of people. the good news is you take the world's largest airline, people all over the world trying to figure out how to get home and when it becomes that mystery my little smart phone, they want to throw out the door and say get me a new one. connell: switch to another airline because nicole petallides mentioned in her report a few moments ago that apparently this is at least the third computer outage united has had just since june. >> ended seems these glitches, the sad part is the thing with united and delta and american, these guys fly all night long. when is the right time to go in and do an upgrade or this or that and why don't they have secondary or third backups? talking about billions of

dollars, billions of dollars, not just united but all of them but you would think there would be better backups sources. this is one of the shortest periods when an airline would go down for a couple hours and be back up in the system and be slight delays all afternoon, just remember to check with your airline because it is going to take hours to get back in sync but nothing compared to what we saw with sandy. connell: getting back to normal is the latest on this from united after the computer glitch. thanks. dagen: israel moving troops south after the latest conflict in the gaza strip. does this spell greater unrest in the middle east? connell: the founder of five our energy is here answering questions that have come up in a report that this energy drink may be linked to 13 deaths since 2008. this is the response from the company but first let's look at oil today. we will have a lot more talk about oil throughout the hour,

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connell: former cia director david petraeus testifying tomorrow morning in front of the house and senate intelligence committees about the attack from

the consulate in benghazi. and the number of things this morning, secretary of state hillary clinton, and this will not. >> david petraeus was the head of the cia when all of this went down in the first twenty-four hours, the record, everyone knew it was a terrorist attack and he testified as part of briefings to house and senate leadership, this was more along the lines bob riot that went bad based on the video. and this is getting heated up, in the closed-door testimony,

david petraeus has resigned from the cia has those constraints but found under secrecy agreements for disclosing classified information and qualified and have access to the classified information that up until this point has not been made public. he can talk to the senators and house members on those committees and give them this is what really happened and there is a difference between time lines, from the cia and dod. behind closed doors, the wake of running the organization and being part of the administration would be interesting to be a fly on wall. connell: it seems from the reporting that he wants to do this. the wall street journal had a big article this morning about that and we have been consumed by the scandals surrounding david petraeus this weekend his resignation and everything else but before he resigned he was

basically saying i want to go out and set the record straight on ben gauzy and be more public and fight back and get people to think differently about the cia's response and you wonder what he meant by that? >> we will find out. some folks are speculating that he was being coerced into maintaining a certain profile or sticking with a certain story under the guise of it is too early to tell. his people, at the operational level, have already come to the firm conclusion that this was a coordinated attack. you role in what the cables from libya had said from the embassy in libya what it said previous to this whhch was we could not withstand a coordinated attack so if you have that on record and they are asking for more security and instead you take

away existing security and then you have a coordinated attack there are a lot of things hanging out. stuart: have we figured out or you figured out who's to blame for that? who is most likely to kind of rightfully have the finger pointed at him or her and say this should have been more security? have we figured that out? >> i don't know. once you get into the state department thing you would need to have someone understand him makes those decisions at what level and at what level of those are proved cantaloupe and challenge but ultimately the captain of the ship, the secretary of state clinton stepped up and said i am responsible and the day after the president said i am responsible. a lot of people are saying they are responsible. let's see how they handle that responsibility. connell: we think david petraeus tomorrow -- thanks a lot.

>> my pleasure. dagen: breaking news on bp and its plea agreement with the justice department to settle criminal charges. adam shapiro has all the details breaking right now. adam: they will pay in installments over five years but all criminal issues between the u.s. government and bp will be settled. it does not remove the issue of civil penalties which by their most extreme calculations could be $21 billion. i will read you a statement from bp where the chairman of the board said we believe this resolution is in the best interests of bp and its shareholders, it removes two significant legal risks and allows us to vigorously defend the company against the remaining civil claims. keep in mind that bp has booked $31 million in charges against -- because of the disaster in 2010. they will lead $3.58 billion as part of the settlement. they still face the civil possible fine from the environmental portion of the

u.s. government over this, $4,300 per barrel, two hundred six million gallons was spilled. in english possibly $21 billion but they hope they can defend themselves against that. two bp employees could face manslaughter charges. dagen: that does surpass the record fine we previously sought by three times. $1.3 billion fine paid by pfizer in 2009 for marketing fraud related to a painkiller. more than three times the previous record in terms of criminal fines. connell: we will have more on that coming up and in the middle east the question is will you be paying more for your fuel as a result of the tensions that have been picking up over there? some video from yesterday. we have more on that straight ahead as the tensions are escalating with israel. as for the markets, look at currencies and how they are caring against the dollar. look, if you have copd like me,

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>> 21 minutes past the hour, your fox news minute. fax british petroleum has agreed to pay $4 billion over the next five years for 2010 deepwater

horizon oil spill. the british oil company has agreed to a five your probation term and says it will take more action to enhance safety operations in the gulf. defense secretary leon panetta ordering military leaders to look for gaps in ethics training. the dod chief says he is concerned over lapses in judgment by military officers that could quote make the road public confidence in our leadership. the statement coming amid a string of scandals tied to the country's top military brass. united airlines says its computer their backup and running. fox business was first reported serious computer glitch that ground all united flights nationwide after several hours it appears the problem has been resolved but delays are still rippling through the system and those are your headlines. dagen: connell mcshane probably looks better with his shirt off. tensions -- you know what i mean. tensions heating up in the middle east. take a look at this incredible

video from the israeli defense forces showing a precision missiles strike which killed a senior hamas leader in the gaza strip. the israeli attack response to a series of missile attacks into israel. with reaction let's bring in the senior geopolitical strategist. impact on energy supplies. not much but should we worry about this spreading into the middle east? >> does this become a dispute that involved has below or involved iran? iran has given support to hamas before and is it going to become a multi front campaign? dagen: has there been weakening or lessening of their relationship? >> absolutely and syria has driven a wedge between iran and hamas and hezbollah and hamas, back in the outside government in syria and hamas fighting with the -- is not as strong as it was a couple years ago. dagen: why now? is it all about the israeli

election? >> 750 rockets fired into israel, there was growing concern in those communities about the security threats but it is close to an election. we thought four years ago close to an election where hamas attacks provoke israeli response. we should look at 2008 and how this could play out? dagen: the bush administration was hands of. can we expect the same from the obama administration? >> will be important to watch. will. administration in 2008, you could handle the situation however you see fit and the international community weighed in for a cease-fire. we haven't had a lot of statements out of washington yet. we had statements from the british government. very interesting to see statements that obama makes on this. dagen: any idea how long this lasts? even though there might not be a supply disruption related to this, could you see it show up in the price of oil.

>> with i rise 7%. and no one knows how this plays out. and in 2006, the hezbollah conflict again, relatively limited conflict and duration but people were concerned that it would spread. i don't think this one's friends. we have two major military campaigns in the region. dagen: biggest worry is it still in iraq? >> we have to watch that throughout this year. and it ends the nuclear threat. dagen: that is what the obama administration wants. >> we have a decision point in 2013. dagen: we have another year. thanks for taking the time. anytime you want to come by please come by. connell: president obama is about to or arrive in new york

city, he will be toward the area hardest hit by hurricane sandy and all the pictures for for use throughout the day and when the president arrives, five our energy, the founder is here and questions brought up and reports linking of a product to the number of deaths. the founder of the company gets a chance to respond coming up this hour. you don't want to miss that. let's take a look at the winners today on the s&p 500.

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connell: united airlines back up and running with the big story on markets now and massive computer outage that grounded the number of planes across the nation but getting back to normal at this hour. speaking at this hour the president is set to arrive in new york city any minute and we have a live report from one of the areas hardest hit by hurricane saying he. the president will be touring some of these areas in the next hour. that is straight ahead. the founder of five our energy will be here to answer these reports that his energy drink is linked to a number of deaths. a chance for the company to respond. dagen: more on breaking news after that computer glitches grounded planes nationwide. united back up and running getting back to normal. nicole petallides following that stock. nicole: taking a look at the stock would is interested about united continental is the airline to the downside, the stock reacted to it. i want to show you a few of

these names. united right there is down nearly 1%. if you move above it, u.s. airways, a 2%, there is built the up almost 1% and southwest airlines, on this, thanks to my friends from making that -- the truth is you see the rest of the airlines with up arrows. stock opened this morning, closed $19.90 that opened higher as the news broke, the stock sold off and it was the only airline moving into the red trading as low as 1960 but trying to come back now. now is at 1979 but as you can imagine frustrated fliers across the nation saying what is going on and how long could it last? trying to get back to normal. connell: another thing we are going to stay on as mayors across the country in washington at this moment have brought their concerns about the fiscal

cliff with them. they have meetings in her capitol hill and sitting down with joe biden. patrick henry a. is, joins us now. we go towards the end of the year, the fiscal cliff, sequestration and automatic cuts that go into play. it is pretty large. big cuts to the military would have what impact on your community? >> air force base, one of the big economic engine to the arkansas area. and something catastrophic like that that affects short-term problems it's not solved immediately. and we can't afford the uncertainty, mayors around the country and trying to tell them

the americans, make the country go forward and we are the job producers in the city all over the country and we want to keep at it. and the partnership they need in the last and look forward to going forward so we can produce jobs. >> you used the word catastrophic. one of the reasons these cuts are put in place were basically on purpose. and to give the incentive, you hope you come to deal. some cuts to the military and what effect that will have. >> in terms of we won't save peace dividend but withdrawal from afghanistan, certainly the withdrawal from iraq, the president have long said there will be an investment in

infrastructure in america. the biggest them is the economy and ability to sustain a lifestyle and responsibilities we have not only locally but globally. we have to keep this economy which is fragile moving forward and we got to do it by continuing to produce jobs and if you have a major economic disruption like the class people are not going to make investments but decisions and worry about the instability of what is going to happen next and that will affect all. connell: banging around on capitol hill, lawmakers, when you get a sit-down, not just you the number of mayors, and there with the vice president, what is the one point you want to make? >> will one point we want to make, they ought to be part of the solution. we are putting money every day, for an example passing statewide, with 58% of the vote

the bill rose in the local community. the things we believe in and we know will help children and grandchildren in having an economic future. and they know we are out and part of it. connell: the mayor of north little rock, arkansas. >> give us jobs or give me problems. dagen: patrick henry, paraphrase him. right here in hometown, president obama landed at john f. kennedy airport, still seen in the wake of superstorm sandy. connell: in queens, new york -- >> in the heart of becoming the biggest dump in the new york

city area, we are looking at jacob riis park which is the beach community, and breezy point, whole neighborhoods and business districts, a dozen towns ending up here, this is two stories high. it is the weight of the empire state building. and wraparound rear 33 times. and running this operation, you are the first responders. >> we were geared when we knew -- we are ready to roll from the get go. >> how does this compare to katrina and 9/11? >> i work 9/11, logistically it was a recovery operation. logistically the scale is not a

comparison. >> it is already a challenge to get garbage and debris and of the peninsula, certainly at long island and when the power gets back up. and the first file created here out of the dozen or so, we are seeing furniture basically personal items from households with a crane is working. >> the walls and mementos and photos, and sitting in these files. >> and white where a plants, the next island boardwalk. >> from the break -- >> the epa, whatever they checking for. and capturing chemicals, we have

air monitoring going on with the health department. >> this is a hazardous waste site. >> being closely monitored, on the oversight. >> we have families trying to show up to retrieve personal items. >> people will come in and when they see the scope of what is going on they realize it is over. >> but this is what happens. we are saying on this story, giving live updates. back to you. dagen: terrific reporting. good to see you. connell: as president obama for this area over the next couple hours thinking about the fiscal cliff meetings he had with ceos at the white house, charlie gasparino has done some reporting and will tell us why it might have been a waste of time. it is below 1.6% on a ten year

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hurricane sandy was a factor for last week's jump, the storm soared to a weakening job market in the unusually high number the first following the presidential election and follows unusually low numbers from before. proctor and gamble planning more job cuts, of the 4 present of 9 manufacturing staff. this is on top of a 10% tnt has announced as part of its restructuring and cost-cutting efforts. the company is raising stock repurchasing to $6 million and allstate expects the cost of superstorm sandy to top $150 million. the insurance company says a more specific estimate is pending. data is latest from the fox business network giving you the power to prosper.

connell: the president meeting

with the nation's biggest corporations on how to deal with the looming fiscal cliff. dagen: charlie gasparino says it is a waste of time. he is here to tell us why. >> these meetings don't produce anything. the president doesn't care what business leaders think. he has an agenda. you know he doesn't care by the fact that her erskine bowles as we were first to report basically offered himself up as the chief negotiator for these talks between president obama and congress, bipartisan guy, both sides of the aisle and he said no way at least so far. erskine bowles is doing a media tour. if you cannot do a deal or a.erskine bowles to a major role, and this is a guy who is a perfect go-between for both sides. this is a photo op, shows you

how low corporate america has sunk. and the dog and pony show. do you think it changed his mind? >> none of that -- charlie: i think the president is more emboldened. he wants 50% of the vote and got less votes the last time but he is more emboldened. he is wearing a -- living in another world. we finca we will hit the fiscal cliff. there are certain things you can bet on, fat tuesday went on the air and said he is going to win. a lot of people saying, if you look at the polling -- connell: this is more of

feeling. [talking over each other] charlie: he wants to raise taxes and raise the upper limit and a lot of other taxes. republicans in congress, i don't know if they can cave in to that. they have a chance if they can cave in, staten chance of losing the coalition, tea party years will revolt and there may be a third party. they know that and if this is the fiscal cliff portfolio we all talked about first on the fox business network where you had the worst of all worlds, the president winning a narrow victory, democrats picking up some seats in the senate and republicans maintaining the house saying you don't have a mandate, you don't have a mandate and it is going to be bad if that happens. dagen: one thing about ceos, if they don't go to these meetings at the white house, don't they pay the price? charlie: that shows how low corporate america has sunk. this is crony capitalism. doesn't matter if you produce a good product.

you have to be in bed with the white house. i like jeff immelt as a person, he's a decent guy. he is a classic example of a crony capitalist. smart guy, politically right of center, if you know anything about him. in knows where his bread is buttered. ge gets benefits from the federal government. dagen: the government spends -- [talking over each other] charlie: he is more politically malleable. i can't imagine that jack welch, and i know jack pretty well, i can't imagine he would jump through the hoops for obama for the president, his white house and political agenda like jeff immelt has but jeff knows where his bread is buttered and it is with government. connell: not much wall street unless you count tension -- charlie: even worse no small business. they were worried about it economy getting going. they should jobs overseas.

who hires here at home? small-business. not one -- that was a shame. dagen: what about meeting? [talking over eaah other] charlie: we are short on time. think of what he did. met with union leaders and crony capitalists. when is his meeting with small businesses? hasn't been announced yet. hasn't been announced yet. dagen: it will. [talking over each other] dagen: thank you, all over. connell: let's check the markets. stocks every 15 minutes. nicole petallides on the bp story. nicole: taking a look at bp and a big pan out. bp is hanover $4 billion in penalties as they plead guilty to federal felony and misconduct, that was the worst offshore oil spill from texas across the gulf of mexico. oil spilling out for 87 days. there were deaths involved,

human deaths so this goes back to 2010. there is such a out of $4 billion, bp to the united states of america and this is a record. the friar record by a pharmaceutical company pfizer, they paid $1.3 billion fighting the network in 2009 and that was on marketing fraud. this easily surpasses that. here's a look at bp today, they are not reacting much, about 1/2%. dow jones industrials down 64 points since the election. we were 13,245 than where we are today. dagen: today's trade coming up. sandra smith talks retailers, wal-mart, target, you name it. connell: to the nasdaq, we will be right back. tdd#: 1-800-345-2550 this morning, i'm going to trade inong kong.

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dagen: any excuse to talk about portion. $840,000 will buy you porsche ag's new 918 spider but does not include a and radio. the new sports car will be the 1 on the road that doesn't have it. not that porche has anything against a.m. but the 918 will be built with carbon fiber reinforced plastic combined with magnesium and aluminum and is designed to reduce the sports car's late, improved performance the sacrifice a and reception. that is the genius of a porsche. doesn't have a giant pension in

it. like a six solyndra boxer engine, but they are light. connell: i guess it is -- [talking over each other] connell: walmart shares, imagining proportion of walmart, falling, revised down look short of estimates. dagen: you can go to wal-mart in your portion of. sandra smith joins us with today's trade. sandra: it is not all about earnings of the last quarter but what they are going to do in the fourth quarter which includes the holiday shoppers coming in to the store. walmart right now, your worst performer of the dow 30 component and this is because the company put out a fourth quarter profit outlook below analysts' forecasts. taking a big hit on this. if you take a look on a year-to-date basis we have been talking with a winner, a 22% so far this year. look at this big sell-off, down

nearly 4%. not only were profit estimates low but pinning this on a weak economy and also saying the very competitive holiday shopping season coming up so they have been aggressively lowering prices and guess where this will send a lot of shoppers, the stocks getting a big boost from this, dollar tree. those dollars for a have been struggling as wal-mart prospering. the stock has been taking a big hit but up nearly 3% on this news, getting a big boost from wal-mart saying their outlook doesn't look very bright. a lot of wal-mart shoppers trading down even more going to the dollar store. if i actually compare this for you, it is an interesting one. they have been moving in opposite directions. analysts are not shying away from all together saying they will be competitive extending the bar higher as low as low prices are concerned that that will be one to watch.

walmart the worst performer in the dow right now. dagen: thank you. connell: a quick note before we move along, we mentioned we were hoping to talk with the founder of five our energy, to answer these questions that haveecome up in the report that the drink is linked to a number of deaths, 13 since 2008 according to the report. we apologize because we had a technical issue on that and can't bring you the interview at this time but wanted to mention that because we mentioned a couple times this hour. can't do it today. dagen: we can bring you more on the story you heard here on fox business first, delays on united airlines due to massive computer problems. more on that coming. connell: there will be more from dennis kneale and cheryl casone. also the host this ceo in moments, a tough ultimatum for strikers. get back to work tonight or the company will be liquidated. how about that coming up on

markets now.

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400 stores, where queen mattresses start at just $699. dennis: i'm dennis kneale. cheryl: i'm cheryl casone. system wide delays on united airlines after planes grounded across the country by a computer glitch. latest on the operations at in hour. dennis: twinkie and the liquidater. get back to work tonight, or he'll liquidate the company. cheryl: mortgages on sale in aisle 5. why turning away from banks and going to costco for loans. the rise of the shadow banking industry ahead. more on that breaking news in a moment after a computer glitch grounded planes nationwide, united airlines saying it is up and running getting back to

northerly. nicole's been following the stocks from the new york stock exchange, nicole? >> stocks moving higher on a day where oil was lower, but united airlines is one that had a headline. started off in the green, but as the head lines broke that it it here on the fox business network, computer glitches, and flights were grounded and delayed #, and now they are getting back to normal and working on it and resuming flights, ect., which is good news for them. happy for them. obviously, we want them back in action. a week before thanksgiving, stock down 1.25% trading as dloa as 19.60 and others higher. other thing worth noting, a week before the big holiday, but also, this is the third time united continue thenal experienced a computer glitch since june and left travelers frustrated where think were beginning to use their twitter accounts and tweeting frustrations from runways and

airports about delays. back to you. cheryl: thank you very much. nicole on the floor of the new york stock exchange. a story we broke here on fox business, united flights experiencing delays after being grounded across the country by a massive computer failure m joining me is the former inspector regime at the department of inspection. mary, thank you for joining us. their third failure since june, how long to get operations back on track today? >> they'll get op track right away spoons the computers are functioning right, but the problem is the rebooking of the passengers. they will have a bump in the system, for the passengers at least, through tomorrow because planes, this time of the year, are above 90% full. other times of the year, they could be rebooked within a day, but not just united full, but other airplanes full as well. they are going to be seeing fallout from this for a day or two for the travelers.

the problem being is they don't want this to repeat next week. it's the fourth one this year they had this year alone. cheryl: does that alarm you, mary? they are the largest airline in the country, american in bankruptcy right now, united fresh off the merger, seeming to have operational issues, computer glitches and more with the pilots, everything. with you concerned at all and should travelers be concerned? >> yes, not just for the convenience reason, but for a second reason. if they don't have a good control on the computer system, that affects the operations and affects their security. i expect the federal aviation administration, who has their own computer problems from time to time, but they will be looking at that as well as will the tsa. there's an awful lot of data information, not just about travelers, but the actual operation of the united airlines, and it's one of the airlines two of the planes, seventh --

september 11, 2001, they have to be concerned about the security of the system as well as the convenience of the travelers. cheryl: thank you for joining us on this breaking news we continue to follow. mary, thank you. >> thanks, cheryl. dennis: president obama arriving in the new york area to survey sandy damage. in far rockaway, queens with details, liz? >> we saw the helicopters flying overhead 5-10 minutes ago, possibly surveying what's becoming new york city in the tristate area's biggest waste site for debris left over from 11 towns wrecked by superstorm sandy. more op that story later in the hour, delivers live updates throughout the day. back to you. dennis: thank you, liz. 163 u.s. mayors sent a letter urging congress to get the act together and avoid the fiscal cliff. they are in washington hammering

the message home today. today, one from massachusetts joins us. mayor, who did you see today? what's the most important message to give them? >> well, it's time to break the gridlock down here. i hear back home and other mayors hear it all the time, they are critical decisions, and it's about the fabric of government. what are we going to pay? what services will we get for what we pay? that's the issues down here. we hope to make some points to leader pelosi and senator reid and vice president biden later this afternoon. dennis: telling them to fix the cliff is like a baseball coach, bases loaded, tell the pitcher to throw strikes. the question is how you do it. do you want them to hike taxes $1.6 trillion over ten years as president obama says we have to do? >> we have to set ground rules for a balance the approach. you know, the election's over.

elections have consequences. the reality is that some rates are going to go up. some people will pay more. some programs people rely on are going to be cut. it's the only way to get back to fiscal sovereignty. last month alone, in october, the united states government spent $120 more than they took in. that's unsustainable. dennis: it is. >> offshore assets, over tax corporate accounts to bring home, soldiers to be bringing home. invest the money here in the united states. dennis: there we stop spending on war, and people spend it here. why not not spending? you mayors sound like spenders, not budget cutters. you talk about the cuts. are cities too dependent now on federal money? your $170 # million, what percentage comes from the feds? >> what percentage of the city budget? dennis: yeah. >> zero. dennis: why do you care if

federal cuts spending? >> there's programs that are essential to spending, social services, what makes social communities. we set the stage for investment in the cities and towns, and we have to have resources to do that. dennis: yes, sir. >> roads are exceptive. water pipes are expensive. businesses who want it invest in my city ask about the electric rates, water rates, tax rates. we want to be partner with the private sector, not enemies. dennis: you're supposed to have a $10 million surplus this year, but you propose raising taxes on businesses locally by $621 per year. why? you're in surplus. why raise taxes on businesses, sir? >> well, the reason is pretty simple. the legislature sets that, a 171% of what the residential pays. we reduced that 171 down to 161. since i've been mayor, cut

business taxes 25% off the previous high. absolutely businesses pay more. it's a split tax rate, but also homeowners get a break. >> they just pay more when they go to the businesses you raised taxes on. good luck in washington today, sir. >> thanks so much for having me. cheryl: hurricane sandy getting the blame for initial jobless claims surging above the 400,000 level in the first time in over a year. good to have you in new york, but you said we should not pay attention to the numbers for a couple weeks. there's not a real read on jobs until january? >> you might be right, but i've certainly over the next few weeks, it's tough to put any faith in what's going on in the jobless claims, 369 number that we saw today, it's going to be distorted for the next few weeks, and i don't think you probably will get a very good

read until january, maybe even when you see the february labor number, that could be the most accurate thing we see. cheryl: biggest jump since 2005, of course, right after hurricane katrina, and the numbers were obviously affected, but at the same time, the retail sector comes in in december. retailers are hiring. we don't know how much they are hiring as of yet. is that a head fake? >> i think it's a distortion, and we'll see that distortion, and i think it will be a head fake. i look at it as a head fake, but, you know, these unemployment numbers are going to be distorted for awhile. i think that in my opinion, anyway, we're going to see continued slow improvement in the labor market. that's going to be a good thing. confidence is going to improve slowly, business confidence slowly so we're optimistic for next year. we have a target for the s&p 5 # 00 of 15.25% or 15.75 -- cheryl: you is a target on gdp of 2.5 forecast for 20 # 13, and

that's depressing, be honest. >> it's very modest, very low inflation, modest growth. cheryl: i want to show what was on the screen, bringing it back up, guys, if we can, and that was yesterday. unemployment under the president, and with the news conference yesterday, there was a selloff. viewers can see post-election selloff. yesterday news conference, selloff. what are investors afraid of from the president? >> higher taxes. we're kidding ourselves if all of us in the end will not be paying higher taxes. they are afraid of regulation. afraid of an anti-business sentiment. those combined have the street scared. it's going to take awhile to work true it. negotiations on the cliff, next couple weeks, they will be con ten -- contentious. they will finalize in january -- cheryl: investors, the high net

worth investors, moving the money in the markets, are the ones impacted. >> i think they will be. they are going to see taxes higher. there's no doubt about it. i think that there's going to be a trickle-down effect to really most people seeing their taxes higher, but i think that there's no way to attack this deficit problem which the market wants a plan, almost any plan, and as we move through 2013, whether it's adopting something like simpson-bowles, i think they're leaning on that because it's a bipartisan effort, that's what the market wants to see. we want to see something in the next few weeks or a month that says, hey, there's a little optimism they will be able to work together and at least get through some of these negotiations. cheryl: glad you brought up simpson-bowles, they are on together on "after the bell," it will be a good interview. >> yeah, i think that's what they will go towards. the market will demand they do something. if we don't, it's not going to be fun in 2013.

cheryl: thank you, scott. >> thanks guys. dennis: president obama touring new york, and the video of the president flying over far rockaway in queens. cheryl: the ceo on why he's liquiddating the company unless worngers return tonight. dennis: bp about to pay the largest fine in u.s. history to seetle this thing. cheryl: oil in the spotlight with more violation in the middle east hurting the contract today, and a little bit of a drop today. we'll be right back.

dennis: stocks every 15 minutes. nicole, bp? >> big news on bp, actually agreeing to pay $4.5 billion to the u.s.. you remember back in tween, you remember the deepwater horizon disaster, the worst oil spill in the country's history, and this is a penalty, pleading guilty to gelny, misconduct, and he's the stock now, up one-tenth of 1%. it's a record fine topping that of $1.3 billion paid back in

2009 for marketing fraud, but what happened in the gulf over 87 days and 11 deaths so this is suffering that bp faces, back to you. cheryl: nicole, thank you very much. we appreciate it. it is time right now to make some money with charles payne this hour. he has a company where a dollar goes a long way literally. >> lit ramly. dollar tree reported two cents on revenues online. here's the thing, guys, dollar tree is a stock that's come county a lot lately, and you think in the economic environment it would not, but the problem, january 200816 bucks, and january 2012, 41 bucks. i would not pile into it, but i like the risk-reward here. it's a relatively safe place, but the economic backdrop continues to serve them well. they opened a 111 stores in the

last quarter alope. cheryl: competition in feasm dollar as well, other retailers. >> family dollar, dollar general, performing better. i have the comparable -- all trading at 14, pe, same book value, everything of the this is the one that's probably oversold, perhaps -- i will tell you this to your point, 35 # as a stop, has room to go to 44, and from there we'll reassess it. dennis: 39 today and up 3% today. all right. cheryl: making money with charles. dennis: tough twinkie talk threatening to liquidate unless the strikers return to be tonig. cheryl: how the currencies fare against the dollar. interesting times now in europe. as you can see, the year --

euro a little bit weaker against the dollar. we'll be right back.

cheryl: ceo of chrysler announcing a major plan to add investments at three major

plants. one is jeff locke, standing by now, somewhat in the area, on mack avenue in detroit, and if you need to whisper, jeff, go ahead. >> right with him as he conducts this. when he speaks, everyone listens, and so that's what's happening now. perhaps you see a huge group of media around him. we want to ask him a number of thing, not least of which is the fiscal cliff. i want to see if i can do that. >> can i ask you, in the u.s., approaching something they called fiscal cliff. >> following with anxiety as much as you have. >> if we go over the cliff, 31 consecutive months of sales gape, how bad would that be for business if that happens? >> difficult to predict. relying on the wiz wisdom of the political leadership to avoid all of us falling off the cliff. >> u.s. make a good move in the

recent election? you had concerns about the campaign ads from the opponent. >> it was not a reflection on any political campaign. i was just rectifying the record. i only speak the truth. taught to do that when i was a kid. >> you talked about the situation in europe getting worse and worse, and i wonder, how long, not just for fiat and chrysler, but the industry as a a whole, how long can north america offset losses in europe? >> in the case of fiat, quite a while, but the problem is reaching levels of instability where other players don't have a balanced ported folio of biographies taking it on the chin. such a painful succession of growth that eventually you cave in. we've seen now on the european side, some of the national

governments stepping in to provide support, and that -- apart from the fact that it it s a vaird of negative implications, vis-a-vis the validity of rome, concept market of europe, they are big issues reflecting the fact that fundamentally the system is not stable and needs to be fixed. >> with all the over production in europe, sir, would you consider building chryslers in europe because of the over production and can't make them fast enough in the u.s. and sell them in the u.s.? >> no. i think as you heard from my comments, we've got -- we are adding on additional shifts. third shift of next year, added a third shift at jefferson. we keep on getting better and better and running the lines. things fall out before we spill over anywhere else.

>> no time soon? >> no time soon. >> talk about the shift and obvious optimism about pickup truck sales, seeing a big surge next year? >> very stable demand on the front side, imposition -- >> in, guys, is a key thing that led to the announcements, pickup sales up last month and 20% year to date. everyone is listening here. he is the oracle of the auto industry these days. cheryl: anxiety about the fiscal cliff. great question. thank you for covering the event for fox business. dennis: twinkie hostess brand offering an ultimatum. get back to work or the company will be liquidated.

here's the man playing hardball, thank you for being with us. it's an attempt to separate the union leadership of the bakers union from the file workers as part of the 18,000 people in fact country will lose their job. how did you deliver the message yesterday? >> we issued a press release to outline the information, an at every plant, handed it out to people pighting at those locations. dennis: to get the message directly. can they go back to work, break the lane, or will the union go after them? >> well, many already have. it's interesting though. the union leadership, and i don't think we're going to sway them, trying to appeal to the workers themselves. the leadership threatened to find them if they cross their own line, the bakers, but we had a number of cross their lines this week. the problem is we don't have a enough crossing the lines to maintain normal production and keep customers in stock.

we're appealing to those on the ticket line to go back to work and avoid putting $18500 people out of work. dennis: teamsters have accepted the package of concessions that you have offered, and what's happening with the teamsters? what are they doing now? >> they are supportive. i spoke with leadership there last night. the teamsters spent time talking to the striking bakers at the plant starting at 4 a.m. this morning to say, look, the same message we delivered, if you don't like the package, we understand that. that's your right, but go back to workment don't make other people explain where there's no jobs and added unemployment. go back to work and find another job. if you don't like it, leave. dennis: have you heard from the union that they would kill? >> zero. dennis: no word? wow. there's fans out there who hate to see the brand disappear. wonder bread an american staple.

the resurrection of twinkie live on? >> they can. consider the history. they filed bankruptcy years ago, a long process, and a buyout firm actually came in and bought the company. they lost every penny they put in. dennis: $400 million. >> every penny, ripplewood holdings. it was a horrible investment for them. do i hope the brand survives? certainly i do, but that's not going to help the nemo our plants because the industry's over capacity. all the competitors have too much already. they will not come buy the plants. if they did, they will not offer a better contract. they are non-union anyway. dennis: cutting off the nose despite the face apparently. thank you for being with us. appreciate it. cheryl: thank you, good to have you on the show again. next time you shop for groceries at costco, how about a mortgage? the rise of the shadow banking

industry neex. dennis: tensions rise in the middle east. paying more for oil as a result? not today, it's down. cme is next. cheryl: today's s&p winners and losers up. pet smart, viacom making slight end roads today. we'll be right back. ♪ [ male announcer ] this is steve. he loves risk. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the marke he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees. so he caworry about other things, like what the market is doing and being ready, no matter what happens, which isn't rocket science. it's just common sense, from td ameritrade.

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but when i was in an accident... i was worried the health care system spoke a language all its own with unitedhealthcare, i got help that fit my life. so i never missed a beat. that's health in numbers. unitedhealthcare. >> live on the floor of the new york stock exchange, selling across the board. the children's place, retailer, well, not a good day here for children's place. the stock down over 14%, a come out with sales number that disappoint wall street. the stock at 49.03, sales miss,

and also the fact hurricane sandy came in, 180 of their stores affecting thing for about 31% of the their overall revenues. those stores along the eastern sea board are important to them, and with this occurrence, their outlook now, their forecast has been lowered. not good news here for this particular retailers. as far as major market averages, dow jones industrials now at 12500, selling since the election, and we closed last week on the sixth at 1313245, and here we # at 12 # 500, back to you. dennis: thank you. crude taking off as missiles fly in the gaza strip. a fox business contributor at the cme, phil? >> this is an ongoing story for traders, dennis, as you know, and the spread between blew out to the highest in about three weeks. obviously, the market was focused on meeting demand

expectations, concerns about the economy, and all the sudden the geopolitical risk picture came up very strong. we saw the u.n. security council meet last night. they didn't get a lot done. there's late reports egypt is closing borders to israel. that's not confirmed, but traders are talking about that. today, it seems even after a bullish weekly energy report, prices are going back down, especially here in the u.s.. those concerns about the fiscal cliff and weakening demand is really hurting prices right now. back to you. dennis: thunk phil flynn. cheryl: shoppers, mortgages are being sold in aisle 5. seriously. banks continue to make it tougher to refinance, and costco and wal-mart offer lopes and even business loans. professor at george mason, says the banks have nobody to blame but themselves.

anthony, thank you for being here. consumer groups, advocate groups up in arms about this saying regulation needs to come down on retailers. that far into this now? >> well, the answer is this is a classic example of adam smith's invisible hand. we went through, put through the dodd-frank legislation, created a consumer protection bureau to tighten down on this stuff, and what happens? the market finds a way. they did. they go to costco, wal-mart, set up loans, construction loans, small business loans, mortgage refinancing, probably not originations, but mortgage refinancing, but that's typical because a lot of the small and mid tier banks got really harmed by dodd-frank, and they have not taken the language out of the legislation. their entering the fray and teaming up with some of the retailers to skirt the market. cheryl: an example why the retailers think it's a great idea. profit motives, ceo of wal-mart

said we want one-stop shopping. they tried to credit a bank, ended in 2007, abandoned it because of washington, but wal-mart example, 25% of the customers do not have bank accounts, the consumer on the advocates side is they launch huge fees against customer, and that's unfair practice. >> i'll point out something. the consumer protection bureau and dodd-frank strangled fees saying you can't charge fees. what happens is -- cheryl: can they go after wal-mart though? retailers? it's not under the provision, is it? >> we'll see. not yet, but, again, i predict legislation coming out, not of the house, but the senate sticking wal-mart under some sort of consumer financial protection bureau control. these are consumers willing to pay the price just to get the loan. it's easier. why are we forcing this to

happen in the banking sector? cheryl: the banks have their union leadership problems, obviously, as you mentioned with dodd-frank, and at the same time, you know, really if wal-mart is going to cater to the customers, give them loans, this is the same company that was denieded a bank license. now they have to give them a bank license, is that's that what's going to happen here? >> again, not necessarily. right now, they are just acting on behalf of small mid tier banks and investment groups. they'll try to put a halt to it. i hope it doesn't happen. life finds a way. we have to let the option be open. this is the downside of having, you know, dodd-frank and consumer financial protection bureau. they suffocate the market. cheryl: they denied them in 2007. wal-mart's coming barks, and they have to deal with it. it will be interesting. anthony sanders, thank you very much. >> thank you, cheryl.

dennis: pandora opened the box in washington, the artists fighting back. billy joel and 125 wrote a letter of outrage to pandora saying the plan slashes the payments they get by 85%. nevermind the singers never get cuts from old-fashioned radio stations for decades. they had a loss of $20 million. why? royalty payments ate up half of revenue. 137 # million, not 20 million there, typo, my fault. artists get 45% of the total millions you see going because there's an agency with a 5% fee and record labels take it, sony and the record labels against pandora. cheryl: of course they are. the artistsment more money. dennis: it's discrimination against the internet. cheryl: coming up, visas for job creators, president obama keeping to keep foreigners educated here, and those who

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>> this is your fox business brief. stocks consider the downward trend in afternoon trading following several disappointing reports on u.s. economy. dow down 38 points, and one said is jobless claims. 439,000 americans filed for first time benefits last week purring claims to the highest level in 18 months. sandy was a factor for last week's jump, it added claims to an already weakening jobs market. the high number is the first full report following the presidential election and follows unusually low job numbers from before. the u.s. postal service with an annual loss of $16 billion marking the first time the agency topped its borrowing limit. it's the largest short fall in the agency's history. that's the latest from the fox business network, giving you the power to prosper. ♪ i always wait ntil the last minute.

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dennis: immigrant students want to stay and start businesses here, but denied visas, and president obama wants to change that. >> i am a believer that if you got a p healthdyne -- ph.d. in computer or science, we should encourage them to contribute to the society. dennis: next guess is a believer for entrepreneur immigrants, and author of "better capitalism: renewing the entrepreneurial strength of the american economy," thank you, carl. the idea of imgrants and visas for skilled immigrants. how many people every year are leaving the nation and going back home? you know, in china, they are sea turtles. they come back that there's a phrase for it. >> yeah, they did. in fact, the chinese are encouraging it with their pioneers approach where they not only induce just people coming out of american universities

with new ph.d., but hire out professors with chinese backgrounds. the numbers, dennis, are hard to get to, but it's probably well over 60,000 a year. dennis: 60,000 a year when i have shortage of 200,000 engineers a year. extraordinary. what's the biggest opposition for letting skilled imgrants to stay here? from the republican party because they are anti-immigration? >> no, i don't think so. i want to be clear. it's not just 6 # 0,000p hrd -- 60,000 with ph.d., but masters too. after the partisan views of this, i think this is -- it's a tennis ball you never know what way it's lanting. i dare say that i think in many regards the democrats are captured by a sort of monolithic view that nobody gets in unless

we legalize all the people who are here and free up the borders for everybody else. in other words, making the vision of a person's unskilled equal to the person who has a ph.d. coming out say mit. dennis: are they not equal? the statue of liberty, tired huddled masses. >> well, you know, that's a large immigration policy. i'll tell you where i come out. if people come here, get a ph.d., love america, which most do and want to stay here to start a business here easier than back home, it's a business that could, in fact, achieve scale, people will make jobs for people. remember, dennis, in the last 20 years, 40% of the people in the valley starting companies that grew, went to the public markets and so forth, were not born in the united states. these are job creators. they create wealth. terrifically important to the economy. dennis: seems like a logical solution. thank you for being with us. appreciate it.

>> my pleasure. cheryl: nicole, watching viacom. >> that's right. stocks up 4%. they came out with numbers pretty good here. let's take a look here at the stock here, rose 13%, a lot of cost cutting. they face an uphill battle with nickelodeon there, and they say it's coming back, but it was under pressure. the ceo noting mtv is not broken, but they worked on cost cutting and fresh talent and new programming and so here's a look at viacom up 4%. dough jones industrials down 53 points tacking on to the losses seen recently. weeks and weeks of selling, six of the last to eight weeks down arrows. the fear index to the upside, and i see the banking index with up arrows issue but there's a

lot coming under pressure. on the dow jones industrials, for example, wal-mart, express, mcdonalds, at&t are names weighing. cheryl: a rocky week as you very well know. nicole, thank you very much. it is time for the west coast minute. a california pam rejected the application and did a quick impact study citing harmed marine life. california mission says no, utility wanted to map out the fault lines in the ocean that could rupture, damaging its facilities. on the heels of washington state legalizing recraigsal marijuana, there's a user guide to pot on the website called "what now" answering questions for residents like charged for possession, drop the case? the blog is now a facebook phenomena. nudists in san fransisco trying to block the city from issuing a ban on public nudity.

a lawsuit filed yet in federal court cites it as a violation of their civil rights. the proposal, though, allows for nudity at fairs and parades and the annual gay pride pride as there is a lot of nudity in that parade. got to love san fransisco. dennis: thank you for confirming the nudity content, cheryl. retailer in the green, 15% spike. sandy smith with the latest in today's trade. >> i'm trying to get that image out of my head, forgive me. guys, here's the charts to look at. you've been watching the trades this week. we watched the battle between target and wal-mart, the largest discount retailers, and target was favored, and wham, target, taking up to the upside a couple percent, and wal-mart down 4%. wal-mart with a disappointing earnings forecast for the holiday quarter, and target,

meanwhile, estimates as far as their most recent quarterly results. look, guys, here, here's the moves seen in target shares up 2 .2% luring shoppers in with food products that worked for them. also, by the way, offered 5% off if you use your target card at the store, and, remember, this is the stock doing well so far this year, up 22%, so, guys, contrary to wal-mart, put out higher prices and announced they were selling more per transactions from the customers. target, good news all around, and stark contrast to what we heard from wal-mart. dennis: back and forth for years, you know, wal-mart still the biggest. cheryl: i don't know, watchout, wal-mart, good trade. thank you, sand dray. aaa's travel forecast for thanksgiving, 43.6 million americans traveling over 50 miles for the holiday period, up almost a percent from the holiday last year.

aaa says it's the fourth straight year of nrkzs dropping a decade below 25% in 2008 due to the recession. the businessiest days are wednesday the before and friday after thanksgiving. dennis: i'm returning saturday. president obama tours devastation from hurricane sandy. where the tattered dreams end up, and it's not pretty. cheryl: winners on the nasdaq, cost cutting, investors like it. we'll be right back. [ male announcer ] you are a business pro. monarch of marketing analysis. with the ability to improve roi through seo all by cob. and you...rent from national.

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cheryl: president obama this hour on the ground in stan ten island, turned the devastation a week after the hurricane. liz is to be a mile and a half, it's growing more than the empire state building, approaching the weight of the space station. that's according to the sanitation department, and it's about the size of the -- there, now they say it's 20 football fields. this is the sanitation department saying this operation is bigger than after katrina and

similar to the recovery efforts of 9/11. it's going to be getting bigger because when the power comes on, more debris removal. what they are saying, too, cheryl, is that all of this land fill will be shipped out of new york state into pennsylvania, and it's a personalized of 11 pounds, whole neighbors and business districts here in the whole area, and i'm, cheryl, i'm picking up photographs just on the ground by me, and so it's heart breaking being in the area, but this is this is how it's done. when its shipped out, you get companies like waste management bidding on it out of the other landfills because, you know, one man's trash here is another man's treasure. back to you, cheryl. cheryl: liz, unbelievable pictures out of queens, and, again, the president right now on stanten island, hoping to hear from him in 30 minutes with a statement on what he has seen. brokerage mf global collapsed a year ago losing more than a

billion dollars this customer money. dennis: could they have avoided that if the cftc were merged? a congressional committee looked into it. we'll have a congressman on and what he found, next. ♪

dennis: if the stock market predicts the economy six-121 cell: it is saying it will be really bad. we are down to the 12,000 level right now. cheryl: 245% gdp. we are watching the market, of course. lori and melissa are here to take you to the next hour. lori: if they can get some kind of deal on the fiscal cliff, we may get a better deal for t